‘Everything’s Going To Rally’—Huge Predicted Fed Flip To Spark ‘Exponential’ Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold

3 November 2023

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Reading Time: 5 mins read

BitcoinBTC and cryptocurrencies—including ethereum and XRPXRP—have rocketed higher this month (with one legendary billionaire admitting he should have bought bitcoin).

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The bitcoin price has climbed to its highest level since May 2022 in recent weeks as traders brace for an imminent $3 trillion “watershed moment” that could boost the price of ethereum, XRP and other major cryptocurrencies.

Now, after one influential trader predicted the arrival of “global wartime inflation,” the market is gearing up for the Federal Reserve to declare the end of its long-running war on inflation—potentially kicking off an “everything” rally that could help boost the price of bitcoin, ethereum and XRP.

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the Fed could have reached the end of its tightening cycle—helping the price of bitcoin, ethereum and XRP to rally.

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“What’s changed for the market is the Fed’s rhetoric,” investor Chamath Palihapitiya, a former billionaire who rode the 2021 Spac boom onto the Forbes rich list, said on the All-In Podcast alongside fellow investors David Sacks and David Friedberg.

This week, the Fed held interest rates on hold for the second time in a row, with Fed chair Jerome Powell raising the question of whether the central bank will hike rates again. “The question we’re asking is, should we hike more,” Powell said during his Wednesday press conference.

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“The statement leans to the dovish side,” Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters. “The fact that they left rates unchanged for the second time in a row suggests the Fed might leave rates unchanged in December. And if they do, that means the Fed is done.”

[crypto-donation-box]

Following the Fed’s announcement that it would hold rates steady, stock markets and cryptocurrencies—including bitcoin, ethereum and XRP—rallied.

“[The Fed] was holding onto this option that they were going to show up out of no where with another 25 or 50 basis point [interest rate] increase and I think that’s now fundamentally off the table,” Palihapitiya said, adding this is “heartening for the market.”

“Inflation seems to be tamed quite a bit too,” Sacks said, noting there’s been an uptick in recession indicators that he sees as “cracking” sky-high U.S. Treasury yields that have soared to their highest level since just before the 2007 financial crisis.

“Everthing is going to rally,” Sacks said when asked by Friedberg if he was calling the market “bottom” that’s wiped trillions from stock and crypto markets over the last two years.

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somewhat recovering its huge 2022 losses but still far from its peak of almost $70,000 per bitcoin set in late 2021.

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Meanwhile, the director of global macro at investment giant Fidelity Investments, Jurrien Timmer, has said he considers bitcoin “exponential gold,” predicting bitcoin has the potential to perform at least as well as gold has in the past.

“In my view, bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement. I think of it as exponential gold,” Timmer, who in 2021 predicted the bitcoin price would reach $100,000 per bitcoin by 2023, posted to X (Twitter).

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.